The Christian Penner Mortgage Team is here to help you navigate through the mortgage loan process!

Purchasing a home is most likely the largest financial transaction of your life. Unfortunately, most people enter into this transaction blindly and make mistakes that may cost them tens of thousands of dollars over the lifetime of their loan.

Although sharing these secrets may not make me popular with the other Florida mortgage lenders, I am more concerned that you have all the information you need to make an informed decision when shopping for a mortgage. So, I have created a free guide that contains extremely valuable information designed to help you avoid costly mistakes when navigating the mortgage loan process.

To receive this free guide and other home buying tips, simply fill out the fields below and I will send you your first insider secret by email immediately.

Use one of our quick & easy tools to find out what you qualify for!

What Size Loan Can I Qualify For?

Affordability Calculator

How much you can borrow from a lender? Use this calculator to calculate the amount you can afford from the lender's point of view.

Loan Information

Down Payment

($) (%)

Interest Rate

%

Length

years

Estimated Front Ratio

%

Estimated Back Ratio

%

Income Information

Debt Payment Information

Income 1

$

Auto Loans

$

Income 2

$

Student Loans

$

Income 3

$

Installment

$

Income 4

$

Revolving accts

$

Income 5

$

Other Debt

$

Taxes And Insurance Information

Annual Taxes

($) (%)

Annual Insurance

($) (%)

Annual Private Mortgage Insurance (PMI)

($) (%)

Show Schedule Table

Monthly Principal & Interests

$1,460.00

Monthly Real Estate Taxes

$250.00

Monthly Insurance

$125.00

Monthly PMI

$192.65

Total Monthly Payments

$2,027.65

Monthly Income

$8,000.00

Monthly Debt Payments

$910.00

Actual Front Ratio

25 %

Actual Back Ratio

37 %

Amount

$271,900.00

Down Payment

$30,200.00

Home Value

$302,100.00

Before you start looking for a new home, you need to have an idea of how much you can afford to pay for a home. To find this out, you will need to take a closer look at your total monthly household income as well as the debts and regular monthly payments you are already making. In addition, you will need to consider how much money you can put in down payment, the loan interest rate, and the length of the loan. You will also need to have an idea of how much the taxes will be, as well as the insurance and PMI costs.

Estimated front and back ratios helps you to limit your housing and necessary living spending. Front ratio is a percentage of your gross income that you can spend on all housing related expenses, including property taxes and insurance. Back ratio is a percentage of your gross income that you can spend on your housing expenses plus recurring debt such as installment loans, revolving / CC bills, child support and or alimony etc.

Front / back ratios with values of 31/43 / 40/50 are considered conservative these days, values bigger than 45 / 52 are considered aggressive and are not recommended for use.

Using all of this information, you can determine how much you might afford to pay for your mortgage. If you are interested in making a $30,200.00 down payment and hope to get a 30 year loan with a 5.000% interest rate, you can afford to purchase a home that costs $302,100.00 if your gross household monthly income is $8,000.00 and your total monthly payments on your other bills is no more than $910.00.

If you purchase a home under these conditions, you can expect to pay $2,027.65 per month toward your mortgage. $1,460.00 of this will be toward the actual loan, while $250.00 will be toward taxes and $125.00 will be toward insurance.

Disclaimers: The information provided by these calculators is for illustrative purposes only. There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. The default figures shown are hypothetical and may not be applicable to your individual situation. The calculated results are also intended for illustrative purposes only and accuracy is not guaranteed. There is not tax or financial advice given. Default and calculated tax data are for illustrative purposes only. Be sure to consult a tax or financial professional regarding your specific situation and before relying on the results.

Any hypothetical monthly mortgage payments reflect hypothetical Principal & Interest amounts rounded to the nearest dollar amount and may not include insurance, taxes, or other possible fees. These figures and rates are for educational purposes only and do not reflect an official mortgage loan offer.